Wells Fargo has confirmed that it has appointed Nico Marais the sole chief executive and head of its asset management business, following the departure of Kristi Mitchem earlier this year.
Marais has been serving as interim co-CEO at Wells Fargo alongside Kirk Hartman, currently chief investment officer, since Mitchem left the business in January to head up BMO Global Asset Management as chief executive.
In a statement, Wells Fargo said that Marais will oversee the asset management unit as sole CEO effective immediately, working closely with Hartman. Hartman will remain as chief investment officer and has also been named president of Wells Fargo Asset Management.
“I am excited and honoured by the opportunity to help lead Wells Fargo Asset Management into the future,” Marais commented on his appointment. “The experience and talent at our firm is second to none, and I look forward to working with all of our amazing team members to do even more for our clients.”
Marais joined Wells Fargo Asset Management as president and head of multi-asset solutions in 2017 from Schroders, where he held a similar role as head of multi-asset investments and portfolio solutions. He has also worked for BlackRock, Barclays Global Investors and The World Bank Group.
“We have an outstanding team at Wells Fargo Asset Management, and I am confident that Nico is the right leader to take the business forward as it continues to grow and serve as a true partner to our clients,” said Jonathan Weiss, head of wealth and investment management at Wells Fargo.
“Wells Fargo Asset Management is a key part of our overall strategy, and the business has a long track record of delivering innovative solutions and ideas to help our clients achieve their financial goals.”